Thanks to Standard Life, the FSA has made a good start to the year with fines totalling £2.5m in the month of January. The penalty was in respect of failures in ‘systems and controls’ concerning marketing (although the FSA summary table refers to fraudulent mortgage applications being submitted).
It is still some way behind this time last year (£6.1m) but then again 2009 had the benefit of the first entry of the year being a £5.25m penalty imposed on Aon – oddly enough also for failures in ‘systems and controls’.
